The Idea That a Small Number of Customers Account for a Majority

question 84

Multiple Choice

The idea that a small number of customers account for a majority of a company's sales is referred to as the .

• A)top- down rule
• B)frequency rule
• C)80/20 rule
• D)percentage of sales rule
• E)prospecting rule

---

Definitions:

Chi-square Tests

Statistical tests that use the chi-square statistic to test hypotheses about the distribution of categorical variables.

Lower-tailed

Refers to a type of hypothesis test or confidence interval that focuses on determining whether the value of interest is significantly less than a specified value.

Perfect Fit

A situation where a model, equation, or line precisely describes or predicts the observed data without any errors.

Chi-square Test

A statistical test used to determine if there is a significant difference between observed and expected frequencies in one or more categories.